The spring can only stetch so far for the greedy.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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The spring can only stetch so far for the greedy.
That's the part gets very different from "old times".
It seems like (feels like) this sell off is different this time
That 820s gap should not be forgotten. What we once called support by June might well be brought back to memory as resistance.
Let's just say buy at 648-650 June ES for a longer-term trade, waiting for 820's, and then just daytrade to pay the bills: the trading equivalent of "Drive for show, putt for dough."
One interesting thing I have read this morning is that there are too many shorts (short interest is too high?) and that the sentiment is too bearish, therefore a bounce or even THE bottom is in sight.
That reasoning is wrong.
In 1998-2000, it is proven, once the public is empowered with the ability to trade like the rich or connected, they can move the mkt in a way totally different from what people usually expect. It took 2 years of momo trading to push the indices all the way up, where most bears, MM, etc. were burnt very badly.
We are seeing exactly the same thing now, public put their future into their own hands, and vote with their trades. With enough people doing that, a 2 year momo trading moving the market down to monthly oversold level is to be expected, isn't it?
Plus, massively layoff, etc. as mentioned by Spec means the only way to get real cash to meet everyday needs, is to sell something you can unload now, like bonds, stocks, etc. in the (retirement) accounts.
That reasoning is wrong.
In 1998-2000, it is proven, once the public is empowered with the ability to trade like the rich or connected, they can move the mkt in a way totally different from what people usually expect. It took 2 years of momo trading to push the indices all the way up, where most bears, MM, etc. were burnt very badly.
We are seeing exactly the same thing now, public put their future into their own hands, and vote with their trades. With enough people doing that, a 2 year momo trading moving the market down to monthly oversold level is to be expected, isn't it?
Plus, massively layoff, etc. as mentioned by Spec means the only way to get real cash to meet everyday needs, is to sell something you can unload now, like bonds, stocks, etc. in the (retirement) accounts.
USD getting whacked 
of course I covered 20 cent to early but oh well. If everybody is expecting a bounce after job numbers does that mean there won't be a bounce? long @682 target of 710 based on weak $ I don't care about econ data non of it is real anyway, did an internship at the philly fed, what a joke :eek:
of course I covered 20 cent to early but oh well. If everybody is expecting a bounce after job numbers does that mean there won't be a bounce? long @682 target of 710 based on weak $ I don't care about econ data non of it is real anyway, did an internship at the philly fed, what a joke :eek:just go out @ 686 will wait and see what happens
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